The metaverse is a $1 trillion opportunity, crypto giant Grayscale says as virtual land sales boom

Facebook, now called Meta, created a series of images to show what its Metaverse could look like. Facebook
Crypto giant Grayscale said the Metaverse has an annual revenue opportunity of $ 1 trillion.
It comes as virtual plots of land in Metaverse projects sold for more than $ 2 million.
Grayscale said the Metaverse is a great opportunity for the crypto world as investments accelerate.
The Metaverse has the potential to become a $ 1 trillion annual revenue opportunity in advertising, digital events, e-commerce, and hardware, according to a new report from crypto giant Grayscale.
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Grayscale's report, released Wednesday night, comes during a surge in interest in the Metaverse after Facebook officially changed its name to Meta as it focuses on the virtual immersive world it says is the future of the internet .
This week there were initial indications of the potential size of the Metaverse economy, with virtual lots in the crypto-based Metaverses Decentraland and Axie Infinity selling for more than $ 2 million.
The metaverse refers to a range of 3D online virtual environments where people can play games, build things, socialize, work, and even trade and earn crypto assets.
The best-known single metaverses are in gaming right now, with Fortnite and Roblox growing in popularity in recent years. Grayscale estimates that virtual game world sales could rise to $ 400 billion in 2025, from around $ 180 billion in 2020.
However, Grayscale, which runs the world's largest cryptocurrency fund, said the Metaverse was still "in the early innings." Facebook's plans to spend $ 10 billion on the Metaverse this year are a sign of the market's potential.
"The market opportunity to bring the Metaverse to life could see annual sales exceeding $ 1 trillion," the report said, although no timeframe was given.
The report's authors, Grayscale's lead researcher David Grider and research analyst Matt Maximo, argued that the metaverse was a great opportunity for crypto businesses.
Read more: The Metaverse won't revolutionize the office. But it could create new ways to make money.
Many current Metaverse projects, such as virtual realities or games, are operated by so-called Web2 companies that work in a centralized and profit-oriented manner. One example is Facebook, which launched the virtual reality room Horizon Worlds.
But increasingly, Metaverse projects are built on, or strongly linked to, crypto technology, which can give users more control and allow them to make money that they can use in the real world. This is known as the Web3 metaverse.
Grayscale listed the consumer monetization opportunities within the Web3 metaverse. These include art galleries launching NFTs, games and casinos where players win crypto, digital billboards, and music venues where DJs and artists put on concerts.
In the third quarter, total Web3 and NFT fundraising was $ 1.8 billion, out of total crypto fundraising of $ 8.2 billion, Grayscale said. It added that investment "has recently started to accelerate".
The Grayscale report focused on Decentraland. In this metaverse, people log in to play games, earn the mana of the native cryptocurrency, buy NFTs including virtual land and collectibles, and vote on the governance of the economy.
The crypto investment company recently set up a decentral and trust that invests exclusively in mana. According to Coingecko, the cryptocurrency has risen by around 550% in the past 30 days.
Read the original article on Business Insider
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